mrichman333 Posted February 12, 2015 Report Share Posted February 12, 2015 How did you complete the schedules? Did you show each year or use an abbreviated approach? Reconciling all this crap is like being a junior accountant again playing with these depreciation schedule tie ins. I FINALLY finished my client's review financial and returns. He is coming at 8pm tonight. I may not get dinner until very late. I'm so glad for e-filing of the federal. The state gets a copy of the entire federal with all attachments and it is so thick that I had to staple it in 3 separate parts for even my heavy duty stapler for extra thick packages to handle it. Then I put in more staples to hook the 3 parts together. I have spent WAY TO MUCH TIME on this because of the 3115 issue. This is ridiculous! I actually haven't done it yet My head is spinning. Ridiculous is a UNDER STATEMENT Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 13, 2015 Report Share Posted February 13, 2015 Excel worksheet is free; booklet is $20 but worth it: http://brasstax.com/3115%20Booklet.htm Lisa Ihm is a great speaker if you have the opportunity to hear her live or even take a home study course. Excel worksheet is free; booklet is $20 but worth it: http://brasstax.com/3115%20Booklet.htm Lisa Ihm is a great speaker if you have the opportunity to hear her live or even take a home study course. How long after your purchased it, did the password show up so you could down load it? I purchased over an hour ago and still no password. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 13, 2015 Report Share Posted February 13, 2015 I think it was almost immediate. Check your Junk folder. Here's contact info for a Brass Tax person who answered a question I had: [email protected] Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 13, 2015 Report Share Posted February 13, 2015 I checked my junk folder and not there. I know my card was charged, so I went ahead a e-mailed. I hope I get it soon. I have a return do out tomorrow, and I feel like I know absolutely nothing about this for or election, but want to make sure and do it right. Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 13, 2015 Author Report Share Posted February 13, 2015 Spidell News AICPA provides hope for practitioners struggling with Form 3115 February 11, 2015 In a News Update, the American Institute of Certified Public Accountants (AICPA) announced that the "IRS and Treasury are considering our recommendations to provide relief from the reporting requirements related to the repair regulations. We are hopeful they will release some form of relief for small businesses in the next couple of weeks." (www.aicpa.org/publications/newsletters/aicpanewsupdate/pages/20100210-specialnewsupdate.aspx) The relief the AICPA has requested includes: Make Form 3115 and the IRC §481 adjustment optional; Make the rules prospective; Accept a statement in lieu of Form 3115 to acknowledge compliance with the regulations; and Raise the de minimis safe harbor from $500 to $2,500. The AICPA advises that practitioners may consider the option of temporarily suspending all related work in hopes of IRS relief. Spidell was unable to get any confirmation of this information, but we will keep you posted as news develops on this issue 2 Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted February 13, 2015 Report Share Posted February 13, 2015 So if everything is still classified correctly and I'll have a $0 841 adjustment then under Type of Accounting Method Change Requested I would select "Other" then type something like. "I'm satisfying the new and STUPID Tangible Property/Repair Regs" Or should I say something else 6 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 13, 2015 Report Share Posted February 13, 2015 I think we all should use your template! Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted February 13, 2015 Report Share Posted February 13, 2015 (edited) I think we all should use your template! I just may do it Edited February 13, 2015 by mrichman333 Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted February 13, 2015 Report Share Posted February 13, 2015 Spidell News AICPA provides hope for practitioners struggling with Form 3115 February 11, 2015 In a News Update, the American Institute of Certified Public Accountants (AICPA) announced that the "IRS and Treasury are considering our recommendations to provide relief from the reporting requirements related to the repair regulations. We are hopeful they will release some form of relief for small businesses in the next couple of weeks." (www.aicpa.org/publications/newsletters/aicpanewsupdate/pages/20100210-specialnewsupdate.aspx) The relief the AICPA has requested includes: Make Form 3115 and the IRC §481 adjustment optional; Make the rules prospective; Accept a statement in lieu of Form 3115 to acknowledge compliance with the regulations; and Raise the de minimis safe harbor from $500 to $2,500. The AICPA advises that practitioners may consider the option of temporarily suspending all related work in hopes of IRS relief. Spidell was unable to get any confirmation of this information, but we will keep you posted as news develops on this issue Thank you for sharing this I have hope now that I will survive this tax season 1 Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 13, 2015 Report Share Posted February 13, 2015 I checked my junk folder and not there. I know my card was charged, so I went ahead a e-mailed. I hope I get it soon. I have a return do out tomorrow, and I feel like I know absolutely nothing about this for or election, but want to make sure and do it right. It is hidden in the second purchase confirmation. I had to read the emails three times before I found it. Look again! 1 Quote Link to comment Share on other sites More sharing options...
jshtax Posted February 13, 2015 Report Share Posted February 13, 2015 The IRS does not have the resources to staff properly much less train people to audit a new area. Just file without the 3115 and mark the ACA box and move on. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 13, 2015 Report Share Posted February 13, 2015 It is hidden in the second purchase confirmation. I had to read the emails three times before I found it. Look again! That's the problem I haven't received any emails from them. Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 13, 2015 Report Share Posted February 13, 2015 That's the problem I haven't received any emails from them. See the message I sent you. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 13, 2015 Report Share Posted February 13, 2015 (edited) Email [email protected] I've had responses pretty quickly. Here's more contact info: 858-487-2553 P 858-487-8245 F Edited February 13, 2015 by Lion EA Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 13, 2015 Report Share Posted February 13, 2015 I Sent them another e-mail this morning asking to respond to a different e-mail address in case there is a problem with my email account, and so far no reply. Thanks for the phone numbers, I will try that next. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 13, 2015 Report Share Posted February 13, 2015 Thanks to all that responded to my problem. I finally got in contact and have been able to download the publication. And so far all I can say is that it is the best 20 bucks I've ever spent. Very clearly written and wonderful examples to follow. Deb 1 Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted February 13, 2015 Report Share Posted February 13, 2015 One of my colleagues from Florida, an NAEA director, received this email from the IRS commissioner a couple of minutes ago Dear Mr. xxxx, Thank you for your message. I thought you might be interested in the following press statement which we just released. Best wishes. John Koskinen Media Relations Office Washington, D.C. Media Contact: 202.317.4000 www.irs.gov/newsroom Public Contact: 800.829.1040 IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years IR-2015-29, Feb. 13, 2015 WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses. 5 Quote Link to comment Share on other sites More sharing options...
Cathy Posted February 13, 2015 Report Share Posted February 13, 2015 Just read those releases in my email. I thought I might be hallucinating, so thanks, Lynn, for the confirmation! I have a little more courage now and just might make it til 4-15! Cathy 1 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 13, 2015 Report Share Posted February 13, 2015 Issue Number: IR-2015-29 Inside This Issue IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses. 1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 13, 2015 Report Share Posted February 13, 2015 HERE IS THE ANNOUNCEMENT rp-15-20 (2).pdf Quote Link to comment Share on other sites More sharing options...
Randall Posted February 13, 2015 Report Share Posted February 13, 2015 Good news. They responded faster than I thought. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 13, 2015 Report Share Posted February 13, 2015 So then if we have looked back and can seen that things had been done properly all along, therefore no change, it is saying that we do not have to file the 3115 but simply file the tax return and in thus doing so agree to the changes? Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted February 13, 2015 Report Share Posted February 13, 2015 That's pretty much my take away. For small businesses at least. And I am now not going to send a superseded return with an election. I think. My brain hurts but I think now it will be much better soon! 1 Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted February 13, 2015 Report Share Posted February 13, 2015 That's pretty much my take away. For small businesses at least. And I am now not going to send a superseded return with an election. I think. My brain hurts but I think now it will be much better soon! an election???? Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted February 13, 2015 Report Share Posted February 13, 2015 So we just file a return like always, nothing else? AM I DREAMING! Quote Link to comment Share on other sites More sharing options...
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